The officials of the Enforcement Directorate (ED) have raided HPZ Token and frozen around Rs. 92 crores. The raids were conducted in Gurugram, Mumbai, and Bengaluru on Monday.
The HPZ Token was an App-Based Token that promised users significant gains against investment by investing in mining machines for Bitcoin and other cryptocurrencies, according to ED.
The instant case was recorded based on FIR registered by Cyber Crime Police Station, Kohima, Nagaland, under various sections of IPC against HPZ token & others. The investigation unearthed larger conspiracy and involvement of various entities in money laundering.
ED Investigation revealed that Lillian Technocab and Shigoo Technology were involved in the operation and collecting money from investors in the name of HPZ tokens. Further investigation revealed that Bhupesh Arora and his associates had control over Shigoo Technology Private Limited and he was indulged in operating unregistered gaming Apps/websites in this company and various other entities and was collecting money fraudulently from the gullible public in the garb of these Apps/website.
According to ED, during the searches, the total amount of Rs. 91.6 crore was found lying in various Bank accounts/Merchant Accounts maintained with Banks/Payment Gateways of the entities involved in money laundering and the same was frozen. Total freezing, in this case, is now Rs. 178 Crore.
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